“…Now the 8% mortgage rate is back”
October 23, 2023
“…Now the popular 30-year fixed mortgage rate is at 8%, the highest in decades, making things even tougher. Mortgage demand is at its lowest point in nearly 30 years… Would-be sellers, meanwhile, are trapped. They have little desire to trade the 3% rate they currently have for an 8% mortgage rate on a new purchase…
The NAR is now lowering its 2023 sales forecast to a decline of as much as 20%, from a previous forecast of a 13% drop…”
https://www.cnbc.com/2023/10/21/housing-market-is-painful-ugly-anxious-with-8percent-high-rate.html